Finance
What does a 'mortgage servicer' do in Delaware?
AOriginates new mortgage loans on behalf of lenders
BCollects monthly payments, maintains escrow accounts, and handles customer service on existing loans✓ Correct
CInsures mortgage loans against default
DSets interest rates for the secondary market
Explanation
A mortgage servicer manages day-to-day loan administration: collecting monthly payments, managing escrow accounts for taxes and insurance, handling borrower inquiries, and managing delinquencies and foreclosures.
Related Delaware Finance Questions
- What is a 'loan-to-value ratio' (LTV) in Delaware mortgage lending?
- What is the 'debt yield' metric in Delaware commercial real estate lending?
- What is 'debt service coverage ratio' (DSCR) in Delaware commercial real estate lending?
- A deed in lieu of foreclosure allows a borrower to:
- What is the 'Truth in Lending Act' (TILA) and how does it protect Delaware borrowers?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- What is the 'secondary mortgage market' and why is it important in Delaware?
- What is 'negative amortization' in a mortgage?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →